Congress added $310 billion to the Paycheck Protection Program (PPP) this week, with $60 billion set aside for small lenders, CUNA Chief Advocacy Officer Ryan Donovan said in this week’s advocacy update video.

Donovan also highlighted CUNA’s advocacy that resulted in the Federal Reserve suspending the Reg D transfer limit. CUNA and the Leagues have long advocated for this change.

CUNA continued its engagement around Phase 4 of the COVID-19 relief legislation, writing to Chairwoman Waters and Ranking Member McHenry urging the Committee to remove barriers preventing credit unions from fully serving their communities, including: 

• Exemptions from the member business lending cap for loans made during and related to the COVID-19 disaster; 
• Extending the establishment of NCUA’s expanded Central Liquidity Facility.  

The fourth phase of legislation is expected to be considered when Congress returns in May.  

Donovan also urged credit unions to make sure they fill out CUNA’s COVID-19 survey (including updated products or offerings for credit unions that filled it out previously), as the survey results are a strong piece of CUNA’s advocacy efforts when working to advance credit union priorities.  

The survey can be found on the CUNA/American Association of Credit Union Leagues COVID-19 Response Center.